Barrenjoey accused of sacking Greens candidate over political views

Top investment bank Barrenjoey suspended a staffer because he was running as a candidate for the Greens in the NSW local government elections, allegedly over concerns that working for the left-wing party may not have been “complementary to the work” he was doing at the firm.

Asm Mahbub Morshed, a Greens candidate for the Liverpool Council in the December 2021 election and the group’s fixed income operations technology lead, was initially approved by his direct boss to run as a candidate while working at the investment bank.

However, Morshed claims that months after his approval – and during the lead-up to the local council elections in which he was unsuccessful in his bid to be elected to council – he was contacted by Barrenjoey’s compliance team and asked to resign as a Greens candidate. He alleges that shortly thereafter he was suspended from his employment and then made redundant in May this year.

Asm Morshed was a candidate for the Greens in a local council election while also working at Barrenjoey. Credit: Facebook

Morshed launched a Fair Work claim last month alleging he was unfairly sacked because of his political opinions and amid a disagreement over his request to take parental leave as the primary carer for his child after his wife had also claimed the leave from her employer. Barrenjoey is the only defendant in the case and is yet to file its defence in the matter.

Barrenjoey, which is backed by wealth managers Magellan and Barclay, was established in 2020 and has quickly grown into Australia’s most powerful investment bank following its poaching of most of its rival UBS’s successful deal makers. It works on some of the biggest corporate transactions in the country, including the sale and acquisition of state assets.

The firm states on its website that it strives “to produce outstanding outcomes for clients with a platform that attracts, liberates and challenges the very best people”. ​

According to Morshed’s claim, Barrenjoey’s internal policies allowed for staff members to conduct political work.

The policy states: “Barrenjoey does not actively participate in political activity, nor do we favour one political party over another. We understand, however, that you might want to show your support in a personal capacity either by being a member of a party, donating money, being involved in a political event or fundraiser, or possibly even becoming a candidate of your preferred party.”

The policy adds: “The potential to hold a position (other than membership) in a political party or any level of government should be discussed with your supervisor or Compliance & Anti-Financial Crime.”

Morshed alleges that in June 2021 he disclosed his endorsement as a Greens candidate to his direct supervisor, who he claims did not express any concern.

Morshed alleges that months later, on November 23, he was contacted by a member of Barrenjoey’s compliance team and advised that his position with the Greens was not supported by the firm.

“During the telephone call, [the staff member] said words to the effect of ‘if you want to work for Barrenjoey I would have advised you not to run’,” Morshed alleges in his Fair Work claim.

The staff member also allegedly told Morshed “your position with the Greens may not be complementary to the work that you are doing at Barrenjoey”.

Morshed alleges that after that conversation he asked the Greens to disendorse him but the Greens declined given the advertising for the election had already been prepared. Morshed alleges he was recommended by Barrenjoey’s compliance officer that if he could not be disendorsed he should stop making any social media posts, which he claims was a request to “effectively stop campaigning”.

It is unclear from the court documents whether Morshed stopped campaigning. He did provide an interview ahead of the election with the Liverpool City Champion where he said: “Our vision for Liverpool is one that we can all thrive in - an inclusive, prosperous, and caring community that is protected against the pressures of privatisation and from the worst impacts of climate change.”

Morshed also alleges he was unfairly sacked due to a disagreement over parental leave with the group. According to his claim, he was approved by his supervisor to commence shared primary carer leave for his daughter who was born in March 2021. He was intending to claim the full 18 weeks of paid leave from Barrenjoey.

Morshed’s leave was supposed to start in October, but it appears from the court documents to have been pushed back until the start of November. Morshed claims he was then asked in November to delay the commencement of his leave.

He was suspended from work on November 25, according to court documents, and alleges he was informed by the company in late January that he would not be receiving primary carer leave but was not provided with an explanation for its refusal.

Morshed’s lawyer, Kristian Bolwell declined to comment beyond saying: “Work Lawyers is looking to advancing our client’s interest”.

Barrenjoey declined to comment.

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